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A) complies with the law.
B) fulfills an obligation under an existing contract.
C) does something not legally required.
D) All of these are correct.
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A) If Wilde's agrees to accept less than the full amount as full payment,the agreement is not binding.
B) The undisputed amount is also known as an unliquidated amount.
C) If the parties agree to settle for less than the full amount,their agreement is governed by the ruling in Henches v.Taylor.
D) If Wilde's agrees to accept less than the full amount,the agreement is only binding if it is in writing and signed by Bernie.
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A) a debt in which both its existence and amount is in dispute.
B) a debt in which the existence or amount is in dispute.
C) a debt disputed by the creditor but not the debtor.
D) a debt undisputed by either party.
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A) Zero will win because there was consideration for the additional $1,500.
B) Zero will win because Millie had a preexisting duty to pay any additional amounts.
C) Zero will lose because there was no legal consideration to support the additional $1,500.
D) Zero will lose because the UCC does not require consideration to modify an existing contract.
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A) the surest way to modify the contract is to liquidate it.
B) they may not do so without court supervision.
C) an agreement to rescind the contract will terminate the contractual rights of Bailey Co.and Spryt Bros.if neither of them had completed their obligations.
D) courts will generally not enforce a cancellation and modification of a contract unless one party received inadequate consideration under the original contract.
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A) Y-K's promise to refrain from suing Alex was not supported by legal consideration.
B) Y-K's promise to refrain from suing Alex was supported by legal consideration and is enforceable.
C) This is an accord and satisfaction,and Y-K cannot sue.
D) The courts would apply promissory estoppel in this situation.
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A) Jamie wins,as Earnie was under a preexisting duty to dig the basement.
B) Earnie wins,as this modification is governed by the UCC and consideration is not required to enforce a modification of the agreement.
C) Jamie wins,as Earnie was not acting in good faith and just wanted to put Jamie in a situation where she didn't have a choice but to agree to more money.
D) Earnie wins,as the modification was due to unforeseen difficulties.
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A) A contract in which a buyer agrees to purchase all of his or her goods from one seller.
B) A contract between a manufacturer and a distributor where the distributor only buys from the manufacturer and is contractually prevented from trading with the manufacturer's competitors
C) A contract in which the seller guarantees to sell all of its output to one buyer,and the buyer agrees to accept the entire quantity.
D) A contract in which a seller agrees to sell a product or service to the buyer only on the condition that the buyer also purchases an additional product from the seller.
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A) a requirements contract.
B) an output contract.
C) an illusory contract.
D) an enforceable contract.
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A) "will buy 100 percent of output"
B) "willing to accept the entire quantity"
C) "no consideration needed"
D) "in good faith"
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A) No,Yolanda had a preexisting duty to shovel Melody's walk.
B) No,past consideration is not valid consideration.
C) Yes,Melody made a promise and that created the contract.
D) Yes,Melody has a moral obligation to pay for the work,even if she didn't request it.
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A) a rescission.
B) a contract modification.
C) a preexisting duty.
D) an accord and satisfaction.
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A) Police Officer Paul is not entitled to the reward because past consideration is never valid consideration.
B) Police Officer Paul is entitled to the reward because he puts his life on the line every day.
C) Police Officer Paul is not entitled to the reward because he was under a preexisting duty to make the arrest.
D) Police Officer Paul is not entitled to the reward but may have an argument under promissory estoppel.
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The first Code exception involves "organ...View Answer
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A) Michelle will have to pay because she and Juan did not have a bargained-for exchange.
B) Michelle will have to pay the extra $250 because Juan has promised not to finish the job unless she does.
C) Michelle will not have to pay the extra $250 because Juan made an illusory promise about only charging $1,000.
D) Michelle will not have to pay the extra $250 because Juan has a preexisting duty to paint the house for $1,000.
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